News

NY State Public Service Commission approves 29 power projects, valued at $636.2 million

(Reuters) -The New York State Public Service Commission approved 29 infrastructure projects worth $636.2 million, enabling 642 megawatts of electrification upgrades, the commission said on Thursday. These projects were proposed by Consolidated Edison, Niagara Mohawk Power Corporation, New York State Electric & Gas Corporation (NYSEG), and Rochester Gas and Electric Corporation (RG&E). "The

2025-06-12T21:57:15Z

Lone Star to sell Portugal's Novo Banco to French BPCE, report says

LISBON (Reuters) -U.S. private equity fund Lone Star has decided to sell its 75% stake in Novo Banco to French banking group BPCE in a deal that would value Portugal's fourth-largest lender at around 7 billion euros ($8.14 billion), Portuguese economic news outlet ECO said on Thursday. ECO said the "decision has been taken" and should be communicated to the market later on Thursday. With this

2025-06-12T13:08:33Z

RBC elevates US investment bankers Chawhan, Monga to unit heads

By David French NEW YORK (Reuters) -RBC Capital Markets has promoted two of its financial services investment bankers to run units advising insurance and specialty finance companies in the U.S., a spokesperson for the bank confirmed on Thursday. Neil Chawhan has been elevated to head of U.S. insurance investment banking, and Saurabh Monga will now co-lead the U.S. specialty finance business of

2025-06-12T20:57:00Z

J.C. Flowers-backed Jefferson Capital eyes $1.1 billion valuation in US IPO

By Arasu Kannagi Basil (Reuters) -Private equity-backed Jefferson Capital said on Friday it was targeting a valuation of up to $1.1 billion in its U.S. initial public offering, as buyout firms look to take advantage of an improving new listings market. Jefferson and some existing investors are seeking to raise up to $170 million by offering 10 million shares priced between $15 and $17 each, in

2025-06-13T14:26:07Z

Norfolk Southern board elects Richard Anderson as chair

(Reuters) -Railroad operator Norfolk Southern said on Thursday it had elected former Delta Air Lines CEO Richard Anderson as the independent chair of the board effective immediately. Anderson will additionally serve as chair of the Executive Committee and Strategy & Planning Committee, the company said. The aviation veteran's appointment comes after Claude Mongeau resigned from the U.S. railway

2025-06-13T00:32:52Z

23andMe's founder Anne Wojcicki wins bid for DNA testing firm

(Reuters) -Anne Wojcicki is set to regain control of 23andMe after a nonprofit she controls topped Regeneron Pharmaceuticals' bid for the DNA-testing company for $305 million as part of a bankruptcy auction. Last month, Regeneron agreed to buy the firm for $256 million, topping a $146 million bid from Wojcicki and TTAM Research Institute. "The agreement with non-profit TTAM Research Institute is

2025-06-13T20:37:32Z

US agency streamlining self-driving car exemption reviews

WASHINGTON (Reuters) -The National Highway Traffic Safety Administration on Friday said it was streamlining reviews of requests filed by automakers seeking to deploy self-driving vehicles without required human controls like steering wheels, brake pedals or mirrors. NHTSA has authority to grant petitions to allow up to 2,500 vehicles per manufacturer to operate on U.S. roads without required

2025-06-13T12:26:00Z

Air India crash is the latest test for new Boeing leadership

By Dan Catchpole, Nathan Gomes and Shashwat Chauhan SEATTLE/BENGALURU (Reuters) -Boeing leadership was back in crisis mode on Thursday following the deadly crash of an Air India 787-8 Dreamliner jet minutes after take-off earlier in the day. The planemaker's new CEO Kelly Ortberg had been set to head to the Paris Air Show, the industry's biggest event of the year, after several key

2025-06-13T01:23:14Z

Vertical Aerospace, Bristow expand partnership to accelerate commercial air taxi launch

By Anshuman Tripathy (Reuters) -British electric-aircraft developer Vertical Aerospace said on Thursday it has expanded its partnership with helicopter ride operator Bristow Group as it aims to bring air taxi services into commercial operation. U.S.-listed shares of Vertical were up 2.6% in premarket trade and Bristow was up 3%. Texas-based Bristow Group - which offers short-distance helicopter

2025-06-12T11:22:52Z

US-China trade deal is 'done,' Trump says

By Doina Chiacu and Alistair Smout WASHINGTON/LONDON (Reuters) - A U.S.-China trade deal is "done," U.S. President Donald Trump said on Wednesday, hours after negotiators from Washington and Beijing agreed on a framework to get a fragile trade truce back on track and remove Chinese export restrictions on rare earth minerals and other critical industrial components. Trump took to his social media

2025-06-11T14:28:38Z

Peru turns to China as US tariffs squeeze blueberry exports

(Refiles with new headline) By Marco Aquino PISCO, Peru (Reuters) -In Peru's Pisco Desert, rows of blueberry bushes towering as much as two meters high stretch towards the horizon, finally giving way to sand dunes. Traditional blueberries need chilly nights to bring fruit, but genetic innovations have created varieties like Eureka Sunset that can grow in this kind of arid landscape some 250

2025-06-11T15:38:54Z

BLET union members vote to ratify 5-year deal with CSX

(Reuters) -Railroad operator CSX said on Wednesday that employees represented by the Brotherhood of Locomotive Engineers and Trainmen (BLET) have voted to ratify the five-year collective bargaining agreement. The contract, covering approximately 3,400 locomotive engineers, aligns with general wage increases, health and welfare improvements included in CSX's agreements with 13 other unions, the

2025-06-11T22:40:17Z

South Korea's Lee pledges support on trade issues in meeting with top conglomerates

SEOUL (Reuters) -South Korean President Lee Jae-myung said on Friday that his government would focus on easing regulations and helping companies on trade issues. His comments were made at a meeting with heads of top conglomerates and other business leaders. He sat between Samsung Electronics Chairman Jay Y. Lee and Hyundai Motor Group Executive Chair Euisun Chung. SK Group Chairman Chey Tae-won

2025-06-13T03:13:34Z

Carlyle teams up with Citi to invest in fintech lenders

(Reuters) -Investment firm Carlyle Group has partnered with U.S. banking giant Citigroup to provide asset-backed financing to fintech lenders, the companies said on Thursday. As part of the partnership, Carlyle and Citi will share market intelligence, and explore co-investment and financing opportunities, the companies added. The rise of fintech lending, fueled by convenient application

2025-06-12T15:04:08Z

Warner Bros' credit rating downgraded to junk by Fitch on split-up

By Dawn Chmielewski, Matt Tracy and Milana Vinn (Reuters) -Credit ratings agency Fitch Ratings on Wednesday downgraded Warner Bros Discovery to junk status following the company's announced split-up earlier this week, as investors weigh the deal's likely impact on holders of its debt. "The downgrade reflects Fitch's expectation post-transaction, WBD will be smaller and less diversified in a

2025-06-11T17:49:03Z

US Treasury's Bessent calls on China to be 'reliable partner' in trade negotiations

WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent on Wednesday called on China to uphold its commitments under an initial U.S. trade agreement reached in Geneva last month, hours after he and other U.S. and Chinese officials agreed on a new framework to implement the deal. Bessent said in testimony before the House of Representatives Ways and Means Committee that China has a "singular

2025-06-11T14:28:38Z

23andMe's founder Anne Wojcicki wins bid for bankrupt DNA testing firm

By Siddhi Mahatole and Mariam Sunny (Reuters) -Anne Wojcicki is set to regain control of 23andMe after a $305 million bid from a nonprofit she controls topped Regeneron Pharmaceuticals' offer for the DNA-testing company in a bankruptcy auction. Last month, Regeneron agreed to buy the firm for $256 million, topping a $146 million bid from Wojcicki and the non-profit TTAM Research Institute. The

2025-06-13T21:27:41Z

NextEra workers net $45 million from sales of company stock

(Reuters) -NextEra Energy employees realized $45 million in gains from selling company stock in their retirement plan during 2024, reversing heavy losses from the previous two years, the utility disclosed on Thursday. America’s largest renewable power company is among several U.S. energy and utility companies that continue to promote big, concentrated bets on company stock in worker retirement

2025-06-13T10:35:11Z

McDonald's settles Byron Allen's $10 billion lawsuit over ads for Black-owned media

By Jonathan Stempel (Reuters) - McDonald's has settled a $10 billion lawsuit by the media entrepreneur Byron Allen accusing the fast-food chain of "racial stereotyping" by excluding Black-owned media from much of its advertising budget. Friday's settlement between McDonald's and two of Allen's companies, Entertainment Studios Networks and the Weather Group, averts a scheduled July 15 trial in

2025-06-13T20:37:32Z

Trump says willing to extend trade talks deadline, but says that won't be necessary

By Jeff Mason, David Lawder and Dan Burns WASHINGTON (Reuters) -U.S. President Donald Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect, but did not believe that would be necessary. Trump told reporters before a performance at the Kennedy Center that trade negotiations were continuing with some

2025-06-12T00:30:36Z

FTC may restrict Omnicom, Interpublic over ad restrictions after their merger, NYT reports

(Reuters) -The Federal Trade Commission, reviewing ad giants Omnicom and Interpublic's proposed merger, may impose a condition that will stop the combined company from boycotting platforms because of political content, the New York Times reported on Thursday. Omnicom struck a $13.25 billion all-stock deal in December last year to buy rival Interpublic Group, thus creating the world's largest

2025-06-12T17:55:54Z

Bank of America expects markets business to post 13th quarter of revenue growth

NEW YORK (Reuters) -Bank of America expects its markets business could post a 13th consecutive quarter of revenue growth and investment banking fees could hit up to $1.2 billion in the second quarter, CEO Brian Moynihan said on Wednesday. "This quarter, we expect to grow mid-to-high single digits, 13th quarter in a row" for the markets business, he told investors at a conference. (Reporting by

2025-06-11T15:38:56Z

Boeing shares fall nearly 8% after Air India plane crashes

(Reuters) -Shares of planemaker Boeing fell nearly 8% in premarket U.S. trading on Thursday after an Air India aircraft with 242 people crashed minutes after taking off from India's western city of Ahmedabad. India's federal health minister said "many people" were killed in the crash. The plane was headed to Gatwick Airport in the UK, with police officers saying it crashed in a civilian area near

2025-06-12T11:22:50Z

Toyota chairman re-elected against backdrop of $33 billion buyout bid

(Corrects date in the dateline in an update of Thursday's story) By Maki Shiraki TOYOTA CITY, Japan (Reuters) -Toyota Motor shareholders re-elected Akio Toyoda as chairman on Thursday, highlighting support among mom-and-pop investors even as the Japanese automaker's $33 billion buyout of a group company draws criticism from overseas shareholders. Toyoda, formerly chief executive of the world's

2025-06-12T17:45:52Z

US Court extends pause in Nippon Steel case, seeks updates by June 20

WASHINGTON (Reuters) -A U.S. Appeals court on Friday extended a pause in litigation between Nippon Steel and the Trump administration as the two sides put the finishing touches on an agreement that would allow the Japanese steelmaker to acquire U.S. Steel. The court also gave the parties until next Friday to provide updates related to the matter. (Reporting by Mike Scarcella and Alexandra Alper;

2025-06-13T20:37:27Z

Stocks tumble, oil prices jump after Israel attacks Iran

By Dhara Ranasinghe and Kevin Buckland LONDON (Reuters) -World stock markets tumbled on Friday and oil prices surged as Israel launched a military strike on Iran, sparking a rush into safe havens such as gold, dollar and Swiss franc. An escalation in the Middle East - a major oil-producing region - adds uncertainty to financial markets at a time of heightened pressure on the global economy from

2025-06-13T08:45:05Z

Heineken will invest over $2.7 billion in Mexico through 2028

MEXICO CITY (Reuters) -Beer maker Heineken will invest $2.75 billion in different projects in Mexico, the company's CEO in the country said on Wednesday. Oriol Bonaclocha said during Mexican President Claudia Sheinbaum's morning press conference that the investment will include the construction of a new factory in the country's southeast. The new plant in the state of Yucatan will have an

2025-06-11T14:28:29Z

Trump says Nippon-US Steel deal has resolvable national security risk

WASHINGTON (Reuters) -Nippon Steel's $14.9 billion bid for U.S. Steel poses a national security risk, but those concerns can be mitigated if the companies fulfill certain conditions laid out by the Trump administration, U.S. President Donald Trump said in a executive order on Friday. "I additionally find that the threatened impairment to the national security of the United States arising as a

2025-06-13T22:17:53Z

Ford struggles with supply of rare earth magnets, CEO tells Bloomberg News

(Reuters) -Ford Motor Co is struggling with supplies of rare earth magnets, the automaker's CEO Jim Farley told Bloomberg News in an interview on Friday. China, which controls more than 90% of global rare earth processing capacity, imposed new export licensing rules in April, tightening supply to Western manufacturers of everything from cars and fighter jets to household appliances. Automakers,

2025-06-13T14:26:15Z

Brazil beef barons' Wall Street listing caps a return from exile

By Luciana Magalhaes, Lisandra Paraguassu and Ricardo Brito GUARUJA, Brazil -Brazilian meatpacker JBS begins trading on the New York Stock Exchange on Friday, capping a stunning comeback by brothers Joesley and Wesley Batista less than a decade after they were jailed in a record-breaking corruption scandal and forced into the backseat of their global food empire. A U.S. listing for the world's

2025-06-13T17:11:55Z

Japan's JERA agrees to buy US LNG to rebalance supply portfolio

By Yuka Obayashi, Katya Golubkova and Kentaro Okasaka TOKYO (Reuters) -JERA, Japan's biggest power generator, has agreed to new supply deals for U.S. liquefied natural gas (LNG) from four projects to diversify its global portfolio away from its reliance on Australia, it said on Thursday. JERA plans to buy up to 5.5 million metric tons per annum (mtpa) of U.S. LNG under 20-year contracts, with

2025-06-11T21:45:20Z

US producer prices rebound less than expected in May

WASHINGTON (Reuters) -U.S. producer prices increased less than expected in May, restrained by lower costs for services like air fares. The producer price index for final demand rebounded 0.1% last month after a revised 0.2% decline in April, the Labor Department's Bureau of Labor Statistics said on Thursday. Economists polled by Reuters had forecast the PPI rising 0.2% after a previously

2025-06-12T13:08:32Z

Why Iran won't block the Hormuz Strait oil artery even as war with Israel looms

Market watchers believe a full-scale disruption of global oil flows by closing the waterway is unlikely, and might even be physically impossible.

2025-06-13T09:06:14Z

Trump FAA nominee vows to hold Boeing 'accountable'

WASHINGTON (Reuters) -President Donald Trump's nominee to head the Federal Aviation Administration vowed to hold Boeing accountable after a series of safety issues have raised questions about the U.S. planemaker. Republic Airways CEO Bryan Bedford said at a Senate Commerce confirmation hearing there were "some really hard lessons learned" by the FAA about the failure of a key safety system tied

2025-06-11T15:38:42Z

Chime valued at $18.4 billion as shares soar in Nasdaq debut

By Manya Saini, Niket Nishant and Hannah Lang (Reuters) -Chime Financial's shares surged 59% in their hotly anticipated Nasdaq debut on Thursday, valuing the digital bank at $18.4 billion and extending a winning streak for new stock market listings. The San Francisco-based company's stock opened at $43, compared with the IPO price of $27. It was last trading at $39.90. If momentum holds in the

2025-06-12T17:46:14Z

BofA CEO expects trading gains for 13th straight quarter while investment banking slips

By Saeed Azhar and Arasu Kannagi Basil NEW YORK (Reuters) -Bank of America expects its trading revenue to grow by a mid-single-digit percentage this quarter, the 13th consecutive gain, CEO Brian Moynihan said on Wednesday. By contrast, investment banking fees are likely to fall to about $1.2 billion in the second quarter from $1.6 billion a year earlier, he told investors at a conference. That

2025-06-11T17:49:06Z

IFC to provide $400 million loan for Pakistan's copper-gold Reko Diq mine

By Ariba Shahid ISLAMABAD (Reuters) - The International Finance Corporation will provide a $400 million subordinated loan for Pakistan’s Reko Diq copper-gold mine, according to an IFC disclosure on Friday. The loan adds to a $300 million commitment announced in April, bringing IFC’s total financing for the project to $700 million. The estimated cost of the mine is $6.6 billion, to be funded

2025-06-13T15:21:21Z

HBO and CNN owner Warner Bros Discovery to split in two

The media giant will separate its studio and streaming business away from its cable TV networks.

2025-06-10T02:19:39Z

Exclusive-Foxconn sends 97% of India iPhone exports to US as Apple tackles Trump's tariffs

By Aditya Kalra and Munsif Vengattil NEW DELHI (Reuters) -Nearly all the iPhones exported by Foxconn from India went to the United States between March and May, customs data showed, far above the 2024 average of 50% and a clear sign of Apple's efforts to bypass high U.S. tariffs imposed on China. The numbers, being reported by Reuters for the first time, show Apple has realigned its India

2025-06-13T04:08:56Z

US consumer sentiment improves in June

WASHINGTON (Reuters) -U.S. consumer sentiment improved for the first time in six months in June, but that could be temporary after Israel launched missile strikes against Iran, boosting oil prices. The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index jumped to 60.5 this month from a final reading of 52.2 in May. Economists polled by Reuters had forecast the

2025-06-13T14:26:15Z

US judge extends Citgo auction's schedule, moves final hearing to August

By Marianna Parraga HOUSTON (Reuters) -A U.S. judge in Delaware has extended the schedule for a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, moving the sales process's final hearing to August 18, according to a filing on Wednesday. The eight-year court case, aimed at compensating creditors for debt defaults and asset expropriations in Venezuela, has

2025-06-11T16:48:55Z

UK's Spectris rejects second KKR takeover approach in favour of Advent's $5 billion proposal

(Reuters) -Britain's Spectris said on Friday it has rejected a second takeover proposal from private equity firm KKR, days after the scientific instruments maker backed a possible competing $5 billion bid from Advent. Spectris did not provide details on KKR's proposal, noting only that it was the second proposal by the PE firm it had rejected. The company, which provides hardware and software

2025-06-13T18:06:50Z

Japan and US explored possibility of trade deal, Japan trade negotiator says

(Reuters) -Japan and the U.S. on Friday explored the possibility of a trade agreement, Japan's top tariff negotiator, Ryosei Akazawa, told a briefing, while refraining from commenting how close they are to reaching a deal. "We had a very detailed exchange and explored the possibility of a trade agreement," Akazawa told reporters after he met with U.S. Treasury Secretary Scott Bessent and Commerce

2025-06-13T23:58:17Z

Morning Bid: No relief from US-China trade truce

A look at the day ahead in European and global markets from Johann M Cherian European investors are set to wake up to a souring mood as rapidly rising tensions in the Middle East and yet another tariff salvo from U.S. President Donald Trump triggered a new wave of dollar-selling and risk-off moves. The much-hyped U.S.-China talks culminated in a fragile truce that may have put a lid on simmering

2025-06-12T05:07:05Z

Boeing shares drop as Air India crash revives safety worries

(Reuters) -The crash of an Air India 787-8 Dreamliner jet minutes after taking off on Thursday poses another challenge for Boeing, whose new CEO has been trying to rebuild trust following a series of safety and production challenges. It was not clear what caused the crash, as air disasters can occur for a number of different reasons. The London-bound plane crashed in India's western city of